Fly-Hi MaritimeIPO Review — Financials, Valuation & Peers
A data-only look at the Fly-Hi Maritime IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 45.41 | 1.82 | 2.68 | 6.09 | 16.47 | 4.84 | — |
| FY 2025 | 45.75 | 3.44 | 5.27 | 9.53 | 23 | 10.03 | — |
| FY 2026 | 62.21 | 8.43 | 12.49 | 17.96 | 37.94 | 12.97 | 8.41 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.13x
- P/E (post-issue)
- 17.17x
- RoNW
- 61.29%
- RoE
- 61.29%
- RoCE
- 67.22%
- Debt / Equity
- 0.72
- EPS (pre-issue)
- ₹8.41
- EPS (post-issue)
- ₹5.94
- EBITDA Margin
- 20.14%
- PAT Margin
- 13.58%
- P/BV
- 5.69x
- NAV / share
- ₹17.92
- Market Cap
- ₹144.64 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Jitendra Kumar Negi, Mridul Dilip Singhvi</p>
- Holding (pre-issue)
- 80%
- Holding (post-issue)
- 49.48%
- Dilution
- 30.52%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Fly-Hi Maritime operates at an EBITDA margin of 20.14% and a net (PAT) margin of 13.58% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 67.22% and a return on equity (RoE) of 61.29%. At the upper band, the post-issue market capitalisation works out to about ₹144.64 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹24.24 crore), alongside general corporate purposes (₹6.37 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Fly-Hi Maritime reported revenue of ₹62.21 crore and a net profit of ₹8.43 crore. Revenue grew from ₹45.41 crore in FY2024 to ₹62.21 crore in FY2026 (+37.0%). Net worth stood at ₹17.96 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.17× post-issue earnings and 5.69× book value, against a return on net worth of 61.29% and a debt-to-equity ratio of 0.72. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Jitendra Kumar Negi, Mridul Dilip Singhvi</p>. Promoter holding stands at 80% before the issue and comes down to 49.48% after listing.
Frequently asked questions
- What is the reservation split in the Fly-Hi Maritime IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Fly-Hi Maritime and what is their holding?
- The promoters are <p>Jitendra Kumar Negi, Mridul Dilip Singhvi</p>. Promoter holding is 80% before the issue and 49.48% after listing.
- What is the P/E ratio of the Fly-Hi Maritime IPO?
- At the upper price band, the Fly-Hi Maritime IPO is valued at 12.13× pre-issue earnings and 17.17× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Fly-Hi Maritime IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 5 disclosed objects.